All for a healthy Vietnam-China border

Dao Ngoc Chuong, deputy director of the Ministry of Industry and Trade’s (MoIT) Asia-Pacific Department, granted an exclusive interview to a VOV reporter on economic and trade relations between Vietnam and China.

Reporter: What is the cause of Vietnam’s growth trade deficit with China?

Mr Chuong: Vietnam is increasingly lacking in the supply of input materials for domestic production and domestic consumers tend to buy Chinese goods at a more reasonable price. Even though both countries are export-oriented, China has a wider range of consumer goods to offer them to Vietnam.

Reporter: How can we solve the trade imbalance?

Mr Chuong: If Vietnam wants to boost exports to China while maintaining a stable growth rate, it must sharpen the competitive edge of its products.

Dao Ngoc Chuong, deputy director of the MoIT's Asia-Pacific Department

Vietnam’s MoIT and China’s Ministry of Commerce have agreed to ensure the trade exchange is mutually profitable and stable. Under a memorandum of understanding on agricultural trade, China will encourage Vietnam to expand its tropical produce exports. A series of border trade initiatives will be launched with the aim of raising bilateral turnover to VND60 billion by 2015 and narrowing the trade deficit.

Reporter: What have the two sides done so far?

Mr Chuong: To develop healthy and sustainable trade relations, Chinese and Vietnamese businesses have participated in many trade fairs and industry exhibitions held in both countries.

Reporter: As this is the tenth time the China- ASEAN trade fair will be held, do you have any comment?

Mr Chuong: First, I would like to congratulate Chinese friends on the successful organization of nine China-ASEAN trade fairs in Nanning, making it the largest and most prestigious events in the region. As a gateway to ASEAN, we have realized the importance of this common playing field.

Over the past nine years, Vietnam has consolidated political trust between leaders of both sides by actively participated the previous trade fairs to strengthen mutual understanding.

Mr Chuong: As 2013 marks the 10^th anniversary of the signing of the China-ASEAN Free Trade Agreement, the Ministry of Industry and Trade has tried its best to ensure the successful launch of its major trade promotion programs for domestic businesses to get involved on a large scale.